110 Million TON Silver Reserve Discovered in Mongolia Region, China
110 Million TON Silver Reserve Discovered in Mongolia Region, China by Rory – The Daily Coin
This certainly has my full undivided attention. Apparently 110 MILLION TON silver ore reserve has been discovered in China’s Mongolia region. Did the silver market just change and what does this mean for stackers?
According to Xinhua, China’s state owned news service, silver is free flowing through the Inner Mongolia region. The 110 million tons of silver ore may be flanked by even more silver but the miners can not or will not say at present. Will any of this silver make it’s way to the open market or will China, as they have done for the past several years, keep all the silver that is mined internally. Not only does China keep all their internal silver, and gold for that matter, they import a fair amount of silver each year. Most of the silver is used for industrial manufacturing like solar panels, biocides and a great many other uses including finer things like jewelry and investment coins and bars.
Local authorities in China’s Inner Mongolia Autonomous Region have found a silver reserve with over 110 million tons of the precious metal’s ore.
The main and associated mines also contain 15,474 tons of silver metal, 38 million tons of lead ore, 392,200 tons of lead, nearly 105 million tons of zinc ore and 1.5 million tons of zinc, the report added.
My guess is we will never see any of the this silver come to the open market, especially with the electric vehicles coming online and the demand for silver, as the second most used commodity, will only continue to grow. This is to say nothing of the Belt and Road Initiative, EAEU and the other economic alliances that will be demanding massive infrastructure projects which means massive demand for all metals, both precious and base metals like lead, copper and zinc. It will be interesting to see how the COMEX uses this new discovery to beat down the metals on the COMEX and LBMA.